Don't Let a Credit Report Ruin Your Finances [Video] - YouTube Lawyers.com Legal Beat

Julie Miller of Portland knew something was wrong when she was turned down for credit at a local bank. She had never defaulted on a debt in her life. Larry Bodine, editor-in-chief of Lawyers.com provides this video report on how a mistake on a credit report can ruin your finances. But Larry describes how you can fight back and win. In Julie's case, it turned out that the Equifax credit bureau had mixed her up with another Julie Miller, who had 38 collection cases against her. This happens more often than you might think. According to the Federal Trade Commission, 1 out of 20 consumers have mistakes on their credit reports that will cause you to pay higher interest rates or be denied credit. If this happens to you, there are four steps you should take: Get your credit report, which you can obtain for free from AnnualCreditReport.com. All three credit bureaus, Equifax, Experian and TransUnion, will show you what they have and you can see any negative information online. Make certain that your name, address, birthday and social security number are correct. File a written dispute. You can do this online, but you are better of sending a written dispute by certified mail with a return receipt requested. The object is to create a paper trail of evidence. Go into full detail about the situation and attach copies of proof like canceled checks. Even though the problem may be with one credit bureau, send your written dispute to all three companies. This will give you the right to take step 4. File a lawsuit. That's what Julie Miller did after she sent more than a dozen letters to Equifax over two years. Each time, Equifax sent back a form letter saying it need more information and did nothing to fix its own mistake. It never even started an investigation and left her with bad credit. Julie sued in federal court. This year a jury awarded her $1.8 million in punitive damages. If a credit bureau has messed up your finances, you can find a consumer protection attorney on Lawyers.com. You may be able to set the record straight and then some.

Don't Let a Credit Report Ruin Your Finances [Video] - YouTube
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News & Politics	Upload TimePublished on 10 Sep 2013

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